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Please proof if 4 is corrent and please help me do 5 Im lost thank you. Dec 4 Purchased 10 bikes for $1,575 each from
Please proof if 4 is corrent and please help me do 5 Im lost thank you.
Dec 4 Purchased 10 bikes for $1,575 each from 2/15, n/45 n account. Terms,2/. FOB destination. Sold 14 bikes for $2,100 each on account to Allsport, Inc. Terms, 3/10, n/30, FOB destination. Paid $375 freight charges to deliver goods to Allsport, Inc. 6 8 10 Received $7,200 from Cyclemart as payment on a 12 14 November 17 sale. Terms were n/30. Purchased $450 of supplies on account from Office Express. Terms, 2/10, n/30, FOB destination. Received payment in full from Allsport, Inc., for the December 6 sale. Purchased 15 bikes for $1,600 each from Truspoke 16 18 19 20 30 Bicycle, Co., on account. Terms, 2/15, n/45, FOB destination. Paid Truspoke Bicycle, Co., the amount due from the December 4 purchase in ful. Sold 18 bikes for $2,125 each on account to Columbia Cycle, Inc. Terms, 2/15, h/45, FOB shipping point. Paid for the supplies purchased on December 12. Paid sales commissions, $1,850 Paid current month's rent, $500. Paid Truspoke Bicycle, Co., the amount due from the December 16 purchase in full. 31 Re ents le sing the for Bike W tiogs previously listed, prepare a perpetual inventory record Phis for the month of December. Bike World, Inc., uses the FIFO inventory costipg method. (Bike World records inventory in the perpetual inven- scounts as it is company policy to take advantage of al tory record net of any rchase giscounts.) Open four-column general ledger accounts and enter the balances from the November 30 trial balance. ? Reer reach transaction in the general journal Explanations are not required. Post the journal entries to the general ledger, creating new ledger accounts as neces- sary. Omit posting references. Calculate the new account bal epare an unadjusted trial balance as of December 31, 2016 atize and post the adjusting journal entries based on the following in rna tion, creating new ledger accounts as necessary Depreciation expense on office equipment, $1,875 Supplies on hand, $245 Accrued salary expense for the office receptionist, 584Step by Step Solution
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